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Investment Companies News

Investment companies are companies set up to make investments on behalf of their shareholders (also called closed-end funds and, in specific circumstances, investment trusts).

23 Sep 2015

Cayenne Trust CULS conversion facilitates a speedier return of capital

The Cayenne Trust has released its interim results for the six-months ended 31 July 2015 during which its NAV per share increased by 1.6% (4.2% on a fully diluted basis). In comparison, the FTSE All Share Equity Investment Instruments Index increased by 3.39% during the period. A dividend of 3.8p was paid on 21st August. […]

Companies
23 Sep 2015

Hansteen acquires assets in Ilkeston and Teeside for £41.1m

Hansteen Holdings has announced the acquisition of two assets in Derbyshire for a total price of £41.1m. West Hallam Industrial Estate (Ilkeston, South Derbyshire) is being acquired for £27.3m, which reflects a net initial yield of 6.2%. Completion is due on 24 September. Belasis Business Park (pictured) is located in Billingham, Teesside. It is being acquired […]

Sectors
23 Sep 2015

Dexion Absolute US$ and Euro Share classes now closed

Dexion Absolute has announced the results of its 2015 redemption and with it the closure of both the US$ and Euro share classes. Now only the sterling share class remains although Euro and US$ shareholders were given the option to switch into the Sterling share class. Under the terms of the redemption offer, 25% of the […]

22 Sep 2015

Tritax investing in TK Maxx warehouse

Tritax Big Box REIT has announced that it has completed the land purchase and entered into contracts to provide forward funding for the development of a new regional distribution facility, pre-let in its entirety to TJX UK (“TK Maxx”), a major retailer of branded apparel and home fashions in the UK and Ireland. The investment price […]

22 Sep 2015

GLI fund launch complete

GLI Finance’s new investment company, GLI Alternative Finance, raised £52.7m, a large proportion of which came from GLI Finance itself as it swapped loans on its balance sheet for shares in the new fund. The new fund will start trading tomorrow (23 September). The intention is to expand the fund with a series of C […]

Geographies
  • UK
  • North America
  • Europe (EU and EEA ex UK)
22 Sep 2015

Utilico plans name change as it moves away from utilities

Utilico is reporting a return on net assets of 6.4% for the year to the end of June 2015, ahead of the 2.6% return on the FTSE All-Share Index. However the discount widened from 22.8% to 30.8% over the year and so the return to shareholders was negative – the share price fell by 8.6% […]

Geographies
  • Australia and New Zealand
  • North America
  • UK
Sectors
21 Sep 2015

Cambria Africa suspends shares again

After trading for just a few days, Cambria Africa has asked that its shares be suspended again “pending clarification of a dispute in relation to a material agreement”. We will have to wait to see what this means. UPDATE 30 September 2015 The dispute relates to the secured loan agreements held with Consilium Corporate Recovery […]

Sectors
21 Sep 2015

UK Commercial Property and SEGRO swap assets

UK Commercial Property Trust has announced that it has acquired Ventura Park in Hertfordshire for £67.1m through a swap transaction with SEGRO plc, which also comprises the sale to SEGRO of a 298,850 sq ft Asda Distribution Centre in Northampton for £31m.  UK Commercial Property Trust paid the £36.1m difference from its existing cash resources. Ventura […]

21 Sep 2015

New Star underperforms again

New Star Investment Trust’s net asset value rose by 4.8% over the year to the end of June 2015 and its share price was 2.8% higher. This compares to a 6.7% return for the IA Mixed Investment 40% – 85% Shares sector and a 10.1% return on the MSCI AC World Index. Shareholders will get a […]

Sectors
21 Sep 2015

Large cap. bias holds back Dunedin Income Growth

Dunedin Income Growth’s results for the six months ended 31 July show the fund’s asset value falling by 2.1% and the share price by 4.7% despite a 2.8% positive return on the FTSE All-Share. on the dividend, they say they intend to make three equal distributions of 2.575p in August, November and February and to pay […]

Sectors
21 Sep 2015

Kuala Innovations takes stake in SatoshiPay

Kuala Innovations has subscribed for 1,471 ordinary shares of SatoshiPay at a price of EUR108.76 per SatoshiPay Share, for total cash consideration of EUR159,985.96. At the price paid by the Company, SatoshiPay has an aggregate value of approximately EUR1.6 million. SatoshiPay is developing a two-way payment platform, which will enable online content providers to monetise […]

18 Sep 2015

Custodian REIT buys near Lincoln sells in Swansea

Custodian REIT has acquired a 19,493 sq ft trade counter unit on Stephenson Road, North Hykeham, three miles south-west of Lincoln and one mile from the A46. The unit is let to MKM Building Supplies Limited on a lease expiring on 10 June 2022.  Net passing rent is GBP169,711 per annum, reflecting a net initial yield of […]

18 Sep 2015

City of London expansion continues as it beats benchmark

City of London beat the FTSE All-Share Index over the year ended 30 June 2015, delivering a total return on net assets of 6.4% and a return to shareholders of 7.2% against a 2.6% return for the index. The NAV and shareholder return were in the same ball park as the 7.0% return posted by the UK […]

Sectors
18 Sep 2015

Strategic Equity Capital reports on blockbuster year

Strategic Equity Capital (which we recently published a note on) has announced results for the year ended 30 June 2015. The Company’s Net Asset Value Total Return per share was 25.8% over the twelve months ended 30 June 2015, exceeding the comparable FTSE Smaller Companies ex Investment Companies Index by 17.4% over the same period. Shareholders did much […]

Sectors
Companies
18 Sep 2015

Electra gets new requisition from Sherborne

Electra has announced that yesterday afternoon it received from Pershing Nominees Limited on behalf of Sherborne Investors (“Sherborne”) a requisition for a General Meeting at which resolutions will be proposed seeking to appoint Edward Bramson and Ian Brindle to the Board of Electra. As shareholders are aware, this is the second time Sherborne has sought […]

18 Sep 2015

Advance Frontiers beats falling benchmark

Last night Advance Frontier Markets published results for the year ended 30 June 2015. Over that period the fund’s net asset value fell by 11.2% and the share price fell by 10.9%. The MSCI Frontier Markets Net Total Return Index declined by 13.9% over the period. The manager says asset allocation, manager selection and discount movements […]

Sectors
Companies
17 Sep 2015

Globalworth eyes €1bn portfolio

Globalworth Real Estate has released its interims covering the six months ended 30 June 2015 and a trading update that covers the period to the middle of September. On 15 September the portfolio had a gross lettable area of 335,883sqm, a value of €808.4m and the projected value once all developments have been completed was […]

Sectors
17 Sep 2015

SQN launches £180m fund raise on back of annual results

SQN Asset Finance has published its first annual report covering the period from launch in July 2014 to the end of June 2015. At the end of June SQN had a market cap of £193.3m, assets of £178.9m, an NAV per share of 99.93p and had paid dividends totalling 4.28p. The share price at the […]

17 Sep 2015

Fair Oaks invests in Ares XXXV CLO

Fair Oaks Income Fund Limited has announced that the underlying “Master Fund” has entered into binding contracts to acquire, in the primary market, $26.0m notional of equity notes, representing 68.5% of the total equity of Ares XXXV CLO, a new CLO backed by a portfolio of US broadly syndicated, secured loans. The manager of this […]

16 Sep 2015

Jupiter European Opportunities manager gets well deserved performance fee

Jupiter European Opportunities reports its annual results for the year ended 31 May 2015.  Over the year its net asset value rose by 21.1% and the share price by 19.8%, a superb results when compared to the FTSE World European ex UK Index which rose by 4.7%. There is a dividend of 3.8p. The performance was […]

Sectors
16 Sep 2015

Real Estate Investors posts 4% increase in NAV during H1

Real Estate Investors has announced its interim results for the six-months ended 30 June 2015. The company converted to a Real Estate Investment Trust with effect from 1 January 2015 and so these are its first results under the new structure. During the period, the company’s ERA NAV rose 4% to 63.6p per share whilst […]

16 Sep 2015

A difficult year for City Natural Resources

City Natural Resources High Yield Trust has released its annual results for the year ended 30 June 2015. These show that, during the period, the trust provided an NAV total return of -20.9% thereby underperforming its benchmark (a composite of the Credit Suisse High Yield and HSBC Mining indices), which returned -14.9%. Arguably reflecting market […]

16 Sep 2015

Marwyn sells it remaining stake in Entertainment One

Marwyn Value Investors has announced the sale of its remaining interest in Entertainment One. The company says that, following the sale, approximately £10m will be returned to shareholders under its distribution policy for net capital gains. The £10m is in addition to the £5.3 million still to be returned following the initial disposal of Entertainment One in July […]

Sectors
15 Sep 2015

Aberdeen buys manager of Advance Developing and Advance Frontier

The Board of Advance Developing Markets Fund Limited announces that it has been informed by Advance Emerging Capital Limited, the investment manager of ADMF, that an agreement has been reached with Aberdeen Asset Management PLC whereby Aberdeen will acquire 100% ownership of Advance Emerging Capital. The transaction is subject, inter alia, to regulatory approval from the UK […]

Geographies
  • Asia
  • Emerging Europe and Russia
  • Central and South America
Sectors
15 Sep 2015

Central Asia Metals’ earnings reduced on lower copper price

Central Asia Metals reported EBITDA of US$16.0 million for H1 2015 against US$21.8 million for the corresponding period of 2014. The decline is attributed to the fall in the average copper price received (US$$5,936/t compared with US$7,049/t a year earlier. Because of this, and despite an increase in copper sales, gross revenue fell 10% to […]

15 Sep 2015

Empiric Student Property results

Empiric Student Property has published results covering the year to the end of June 2015. At the end of June the NAV was 103.2 pence per share, a 5.2% increase from an opening NAV of 98.1 pence as at 30 June 2014 and net of all property acquisition costs. £218.8m of the portfolio valuation was attributable to operating assets, […]

Sectors
14 Sep 2015

Schroder Real Estate signs pre-let to Premier Inn for Arndale House in Leeds

Schroder Real Estate Investment Trust (SREI) has announced that it has exchanged a conditional agreement for Lease, with Premier Inn Hotels, for a pre-letting of a new 96 bedroom hotel within Arndale House in Leeds (pictured). SREI acquired the Arndale Centre in Leeds, a multi-let retail, leisure and office property totalling 125,834 sq ft that is […]

14 Sep 2015

Invista European Real Estate to propose voluntary liquidation

Invista European Real Estate has announced that its mezzanine lender, Islay Investment S.à r.l. (an affiliate of Blackstone Real Estate Debt Strategies) has called for repayment of its mezzanine loans. As Invista is unable to repay the loans, the lender has enforced its security over the entire interests of Invista. The enforcement has followed a […]

Sectors
14 Sep 2015

Qatar Investment Fund outperforms as discontinuation vote looms

Qatar Investment Fund has announced its results for the year ended 30 June 2015. The fund’s net asset value rose by 8.4% compared to 6.2% for the Qatar Exchange and a rise of 4.6% in the MSCI Emerging Markets Index.  Shareholders received a 3.5c per share dividend in January and the Board proposes to pay an increased […]

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